N-CSR 1 formncsr.txt SYM FORM NCSR As filed with the Securities and Exchange Commission on September 5, 2003 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-CSR CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES Investment Company Act file number 811-07959 Advisors Series Trust (Exact name of registrant as specified in charter) 615 East Michigan Street Milwaukee, WI 53202 (Address of principal executive offices) (Zip code) Eric M. Banhazl Advisors Series Trust 2020 East Financial Way, Suite 100 Glendora, CA 91741 (Name and address of agent for service) (414) 765-5344 Registrant's telephone number, including area code Date of fiscal year end: December 31, 2003 ----------------- Date of reporting period: June 30, 2003 -------------- Item 1. Report to Stockholders. SYM SELECT GROWTH FUND Semi-Annual Report June 30, 2003 SYM Select Growth Fund July 28, 2003 To Our Fellow Shareholders: For the six months ended June 30, 2003 your fund gained 19.61%. This compares favorably with the S&P 500, the NASDAQ composite, and the Lipper Multi-cap index. Not only does the six month return compare favorably with the S&P 500, the NASDAQ Composite, and the Lipper Multi-cap indices, but the one year and since inception returns also have favorable returns in comparison to the aforementioned indices. Average Annual Six Month Total One Year Total Total Return Return Ended Return Ended Since Inception 6/30/03 6/30/03 (1/2/01) --------------- -------------- --------------- SYM Select Growth Fund 19.61% 15.17% -8.43% S&P 500 11.76% 0.25% -10.06% Lipper Multi-Cap Growth Funds Index 15.63% 1.60% -18.09% NASDAQ Composite 21.51% 10.91% -15.47% Since the peak in the stock market in 2000 investors have been accustomed to seeing the market go down. Earlier this year we saw stocks continue to go down as we faced the uncertainties of the war in IRAQ. A quick resolution to the war in IRAQ and the continued monetary stimulus from the Federal Reserve led to rally that continued through June 30th. In addition Congress passed tax legislation that reduced the tax on both capital gains and dividend income, furthering enhancing the attractiveness of stocks over bonds and money market funds. This combination of monetary stimulus and fiscal stimulus led to what many market commentators are calling the "reflation" market. With money market funds yielding less that 1% investors are being encouraged by these low returns to buy stocks for returns. The question in front of investors now is whether the experience of these 6 months is a real rally that should be bought or just another rally in an ongoing bear market. We continue to be cautious on the long term direction of the market. We prefer to look for individual growth stock opportunities for both short term and long term gains. From time to time we hold cash as a defense against market declines. In addition we continue to find value in gold stocks for long term capital growth. If we look back at history we find that markets after a major bull market typically trade sideways for many years. The last major bull market ended in 1966 when the Dow Jones Industrial Average peaked at 1000. 16 years later in 1982 the Dow was still under 1000. One conclusion we have reached is that the markets in the future may be more "buy and sell" versus "buy and hold". We believe that this requires a different approach than simply being invested in the market. Thank you for your confidence in SYM Financial Corporation. Sincerely, /s/ Neil Donahoe Neil M. Donahoe CFP Vice President, Investment Management SYM Financial Corporation Past performance of the Fund, the S&P 500 Index, the Lipper Multi-Cap Growth Funds Index, and the NASDAQ Composite Index is not indicative of future performance. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original investment. The S&P 500, Lipper Multi Cap Growth Funds and Nasdaq Composite Indexes are unmanaged indices commonly used to measure performance of U.S. stocks. Indexes are not available for direct investment and do not incur expenses. Fund sector allocations and portfolio holdings are subject to change and are not recommendations to buy or sell any security. The information contained in this report is authorized for use when proceeded or accompanied by a prospectus for the SYM Select Growth Fund, which includes more complete information on the charges and expenses related to an ongoing investment in the Fund. Please read the prospectus carefully before you invest or send money. The Fund is distributed by Quasar Distributors, LLC. 08/03 SYM Select Growth Fund SCHEDULE OF INVESTMENTS at June 30, 2003 (Unaudited)
Shares Market Value Shares Market Value ------------------------------------------------------ ------------------------------------------------------ COMMON STOCKS: 66.57% Machinery: 0.80% Aerospace/Defense: 2.24% 6,000 Deere & Co. $ 274,200 6,000 General ------------ Dynamics Corp. $ 435,000 Manufacturing - Diversified: 2.70% 10,000 Raytheon Co. 328,400 20,000 General Electric Co. 573,600 ------------ 15,000 The Goodyear Tire 763,400 & Rubber Co. * 78,750 ------------ 10,000 Honeywell Application Software: 2.41% International, Inc. 268,500 14,000 eResearch Technology, Inc. * 310,240 ------------ 20,000 Microsoft Corp. 512,200 920,850 ------------ ------------ 822,440 Media: 3.04% ------------ 40,000 AOL Time Auto, Truck Products and Equipment: 1.75%, Warner, Inc. * 643,600 7,000 Johnson Controls, Inc. 599,200 20,000 The Walt Disney Co. 395,000 ------------ ------------ 1,038,600 Banks: 7.29% ------------ 10,000 Commerce Bancorp, Inc. 371,000 Medical - Drugs: 1.88% 20,000 Huntington Bancshares, Inc. 390,400 8,000 GlaxoSmithKline plc # 324,320 10,000 State Street Corp. 394,000 17,000 Schering-Plough Corp. 316,200 15,000 Synovus Financial Corp. 322,500 ------------ 20,000 Wells Fargo & Co. 1,008,000 640,520 ------------ ------------ 2,485,900 Medical - Hospitals: 0.96% ------------ 17,000 Community Health Biotechnology: 2.96% Systems, Inc. * 327,930 30,000 Human Genome ------------ Sciences, Inc. * 381,600 Medical - Laboratories and Testing Services: 0.80% 40,000 Millennium 15,000 Covance, Inc. * 271,500 Pharmaceuticals, Inc. * 629,200 ------------ ------------ Medical Products: 1.32% 1,010,800 10,000 Zimmer Holdings, Inc. * 450,500 ------------ ------------ Chemicals: 0.65% Metals - Mineral Exploration: 5.77% 15,000 OM Group, Inc. * 220,950 10,000 Freeport - McMoRan ------------ Copper & Gold, Inc. - Commercial Services: 5.37% Class B 245,000 100,000 Cendant Corp. * 1,832,000 10,000 Glamis Gold Ltd. * 114,700 ------------ 20,000 Goldcorp, Inc. 240,000 Computers: 1.12% 10,000 Gold Fields Ltd. # 121,800 20,000 Apple Computer, Inc. * 382,400 30,000 Kinross Gold ------------ Corporation * 202,500 Computer Graphics: 1.07% 10,000 Meridian Gold, Inc. * 114,900 6,000 Pixar, Inc. * 365,040 20,000 Newmont Mining Corp. 649,200 ------------ 40,000 Pan American Electronics - Military: 0.76% Silver Corp. * 282,000 6,000 L-3 Communications ------------ Holdings, Inc. * 260,940 1,970,100 ------------ ------------ Independent Power Producers: 0.42% Networking Products: 1.96% 50,000 Mirant Corp. * 145,000 40,000 Cisco Systems, Inc. * 667,600 ------------ ------------
See accompanying Notes to Financial Statements. SYM Select Growth Fund SCHEDULE OF INVESTMENTS at June 30, 2003 (Unaudited)
Shares Market Value Shares Market Value ------------------------------------------------------ ------------------------------------------------------ COMMON STOCKS: 66.57% (Continued) Telecommunications - Integrated: 2.08% Oil and Gas Producers: 2.64% 20,000 SBC 5,000 ChevronTexaco Corp. $ 361,000 Communications, Inc. $ 511,000 15,000 Exxon Mobil Corp. 538,650 5,000 Verizon ------------ Communications, Inc. 197,250 899,650 ------------ ------------ 708,250 Oil - Exploration & Production: 2.09% ------------ 6,000 Anadarko Wireless Equipment: 1.05% Petroleum Corp. 266,820 10,000 QUALCOMM, Inc. 357,500 20,000 Rowan ------------ Companies, Inc. * 448,000 TOTAL COMMON STOCKS ------------ (Cost $20,443,358) 22,714,480 714,820 ------------ ------------ Pharmaceuticals: 2.35% EXCHANGE - TRADED FUNDS: 9.96% 20,000 Bristol - Myers 15,000 DIAMONDS Trust, Squibb Co. 543,000 Series I 1,348,650 5,000 Johnson & Johnson 258,500 15,000 SPDR Trust Series I 1,464,450 ------------ 5,000 Semiconductor 801,500 HOLDRs Trust 141,650 ------------ 20,000 Utilities Select Sector Radio: 2.04% SPDR Fund 442,400 10,000 Hispanic Broadcasting ------------ Corp. * 254,500 TOTAL EXCHANGE - TRADED FUNDS 40,000 XM Satellite Radio (Cost $3,402,400) 3,397,150 Holdings, Inc. * 442,000 ------------ ------------ 696,500 SHORT-TERM INVESTMENTS: 22.45% ------------ 7,658,906 Federated Cash Real Estate Investment Trusts: 1.17% Trust Series II 20,000 Annaly Mortgage (Cost $7,658,906) 7,658,906 Management, Inc. 398,200 ------------ ------------ TOTAL INVESTMENTS IN SECURITIES Retail: 3.46% (Cost $31,504,664): 98.98% 33,770,536 10,000 The Bombay Other Assets in Excess Company, Inc. * 106,300 of Liabilities: 1.02% 348,712 20,000 Wal-Mart Stores, Inc. 1,073,400 ------------ ------------ NET ASSETS: 100.00% $34,119,248 1,179,700 ============ ------------ Retail - Restaurants: 0.18% * Non-income producing security. 25,000 Quality Dining, Inc. * 62,250 # American Depository Receipt. ------------ Semiconductors: 2.18% 10,000 Intel Corp. 207,840 20,000 International Rectifier Corp. * 536,400 ------------ 744,240 ------------ Telecommunications - Equipment: 2.06% 200,000 JDS Uniphase Corp. * 702,000 ------------
See accompanying Notes to Financial Statements. SYM Select Growth Fund STATEMENT OF ASSETS AND LIABILITIES at June 30, 2003 (Unaudited) ASSETS Investments, at value (identified cost $31,504,664) . . . . $33,770,536 Receivables: Due from broker . . . . . . . . . . . . . . . . . . . . 356,636 Dividends . . . . . . . . . . . . . . . . . . . . . . . 42,248 Other assets . . . . . . . . . . . . . . . . . . . . . . . . 6,609 ------------ Total Assets . . . . . . . . . . . . . . . . . . . . . . 34,176,029 ------------ LIABILITIES Payables: Due to investment advisor . . . . . . . . . . . . . . . 26,263 Due to administrator . . . . . . . . . . . . . . . . . . 5,625 Accrued expenses and other liabilities . . . . . . . . . . . 24,893 ------------ Total Liabilities . . . . . . . . . . . . . . . . . . . 56,781 ------------ NET ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . $34,119,248 ============ COMPONENTS OF NET ASSETS Paid-in capital . . . . . . . . . . . . . . . . . . . . . . $44,849,742 Undistributed net investment income . . . . . . . . . . . . (76,700) Accumulated net realized loss on investments . . . . . . . . (12,919,666) Net unrealized appreciation on investments . . . . . . . . . 2,265,872 ------------ Net assets . . . . . . . . . . . . . . . . . . . . . . . $34,119,248 ============ Net asset value, offering price and redemption price per share ($34,119,248/4,305,072) shares outstanding; unlimited number of shares authorized without par value) $7.93 ===== See accompanying Notes to Financial Statements. SYM Select Growth Fund STATEMENT OF OPERATIONS for the six months ended June 30, 2003 (Unaudited) INVESTMENT INCOME Income Dividend Income (Net of withholding tax of $206) . . . . $ 136,820 Interest Income . . . . . . . . . . . . . . . . . . . . 6,584 ------------ Total investment income . . . . . . . . . . . . . . 143,404 ------------ Expenses Advisory fees (Note 3) . . . . . . . . . . . . . . . . . 144,351 Administration fees (Note 3) . . . . . . . . . . . . . . 28,870 Fund accounting fees . . . . . . . . . . . . . . . . . . 14,132 Registration fees . . . . . . . . . . . . . . . . . . . 12,150 Professional fees . . . . . . . . . . . . . . . . . . . 10,911 Transfer agent fees . . . . . . . . . . . . . . . . . . 9,723 Custody fees . . . . . . . . . . . . . . . . . . . . . . 7,191 Trustee fees . . . . . . . . . . . . . . . . . . . . . . 2,976 Shareholder Reporting . . . . . . . . . . . . . . . . . 2,232 Miscellaneous . . . . . . . . . . . . . . . . . . . . . 1,930 Insurance fees . . . . . . . . . . . . . . . . . . . . . 918 ------------ Total expenses before waiver and reimbursement from Advisor of expenses and dividends on short positions . . . . . . . . . . . . . . . . 235,384 Less: waiver of expenses and reimbursement from Advisor (Note 3) . . . . . . . . (18,857) ------------ Net expenses before dividends on short positions . 216,527 Dividends on short positions . . . . . . . . . . . 3,577 ------------ Total expenses . . . . . . . . . . . . . . . . . . . . . . . 220,104 ------------ Net investment loss . . . . . . . . . . . . . . . . . . . . . . . (76,700) ------------ REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS Net realized gain/(loss) on: Investments . . . . . . . . . . . . . . . . . . . . . . 1,574,674 Options . . . . . . . . . . . . . . . . . . . . . . . . 111,622 Short positions . . . . . . . . . . . . . . . . . . . . (210,099) ------------ 1,476,197 ------------ Change in unrealized appreciation on investments . . . . . . . . 3,937,264 ------------ Net realized and unrealized gain on investments . . 5,413,461 ------------ Net increase in net assets resulting from operations . . . . . . $5,336,761 ============ See accompanying Notes to Financial Statements. SYM Select Growth Fund STATEMENTS OF CHANGES IN NET ASSETS Six Months Ended Year Ended June 30, 2003 December 31, (Unaudited) 2002 -------------------------------------------------------------------------------- DECREASE IN NET ASSETS FROM: OPERATIONS Net investment loss . . . . . . . . . . . . $ (76,700) $ (73,185) Net realized gain/(loss) on investments sold and securities sold short . . . . . 1,476,197 (10,144,772) Change in unrealized appreciation/(depreciation) on investments . . . . . . . . . . . . . 3,937,264 (2,684,534) ------------ ------------ Net decrease in net assets resulting from operations 5,336,761 (12,902,491) ------------ ------------ CAPITAL SHARE TRANSACTIONS Net increase/(decrease) in net assets derived from net change in outstanding shares (a) . . . . . . . . 273,122 (1,817,615) ------------ ------------ Total increase/(decrease) in net assets . . . . 5,609,883 (14,720,106) ------------ ------------ NET ASSETS Beginning of period . . . . . . . . . . . . 28,509,365 43,229,471 ------------ ------------ End of period . . . . . . . . . . . . . . . $34,119,248 $28,509,365 ============ ============= (a) A summary of share transactions is as follows: Six Months Ended June 30, 2003 Year Ended (Unaudited) December 31, 2002 -------------------------------------------------------- Shares Paid in Capital Shares Paid in Capital ------ --------------- ------ --------------- Shares sold . . . . 605,683 $4,409,328 1,465,603 $11,445,318 Shares redeemed . . . . (600,252) (4,136,206) (1,831,311) (13,262,933) --------- ----------- ----------- ------------ Net (decrease)/increase 5,431 $ 273,122 (365,708) $ (1,817,615) ========= =========== =========== ============= See accompanying Notes to Financial Statements. SYM Select Growth Fund FINANCIAL HIGHLIGHTS For a capital share outstanding throughout the period
Six Months Year January 2, 2001* Ended Ended through June 30, 2003 December 31, December 31, (Unaudited) 2002 2001 Net asset value, beginning of period . . . . . . . . . . $6.63 $ 9.27 $10.00 ------ ------ ------ Loss from investment operations: Net investment loss . . . . . . . . . (0.02) (0.02) (0.02) Net realized and unrealized gain/(loss) on investments . . 1.32 (2.62) (0.71) ------ ------ ------ Total from investment operations . . . 1.30 (2.64) (0.73) ------ ------ ------ Net asset value, end of period . . . $7.93 $6.63 $ 9.27 ====== ====== ====== Total return . . . . . . . . . . . . . 18.71%1 (28.48%) (7.30%)1 Supplemental data and ratios: Net assets, end of period (millions) . . . . $34.1 $28.5 $43.2 Ratio of net expenses to average net assets: Before expense reimbursement and waivers . 1.63%2 1.54% 1.80%2 After expense reimbursement and waivers . . . . . . . . . . . . . . 1.50%2,3 1.50%3 1.50%2,3 Ratio of net investment loss to average net assets: Before expense reimbursement and waivers . . . . . . . . . . . . . . (0.33%)2 (0.24%) (0.62%)2 After expense reimbursement and waivers . . . . . . . . . . . . . . (0.53%)2,4 (0.20%)4 (0.32%)2, 4 Portfolio turnover rate . . . . . . . 166%1 291% 210%
* Commencement of operations. 1 Not annualized. 2 Annualized. 3 The annualized expense ratio excluded dividends on short positions. The ratios including interest expense and dividends on short positions for the six months ended June 30, 2003, the year ended December 31, 2002, and the period ended December 31, 2001, were 1.52%, 1.54%, and 1.53%, respectively. 4 The net investment income ratio included dividends on short positions. The ratios excluding interest expense and dividends on short positions for the six months ended June 30, 2003, the years ended December 31, 2002, and the period ended December 31, 2001, were (0.51%) and (0.16%), and (0.29%), respectively. See accompanying Notes to Financial Statements. SYM Select Growth Fund NOTES TO FINANCIAL STATEMENTS at June 30, 2003 (Unaudited) NOTE 1 - ORGANIZATION The SYM Select Growth Fund (the "Fund") is a series of shares of beneficial interest of Advisors Series Trust (the "Trust") which is registered under the Investment Company Act of 1940 (the "1940 Act") as a diversified open-end management investment company. The Fund commenced operations on January 2, 2001. The investment objective of the Fund is to seek long-term capital growth. The Fund seeks to achieve its objective by investing in the common stocks of domestic companies with the potential for growth. NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES The following is a summary of significant accounting policies consistently followed by the Fund. These policies are in conformity with accounting principles generally accepted in the United States of America. A. Securities Valuation. Securities traded on a national exchange or Nasdaq are valued at the last reported sale price at the close of regular trading on the last business day of the period. Securities primarily traded in the NASDAQ National Market System for which market quotations are readily available shall be valued using the NASDAQ Official Closing Price ("NOCP"). If the NOCP is not available, such securities shall be valued at the last sale price on the day of valuation, or if there has been no sale on such day, at the mean between the bid and asked prices. Securities for which quotations are not readily available are valued at their respective fair values as determined in good faith by the Board of Trustees. Short-term investments are stated at cost which, when combined with accrued interest, approximates market value. U.S. Government securities with less than 60 days remaining to maturity when acquired by the Fund are valued on an amortized cost basis. U.S. Government securities with more than 60 days remaining to maturity are valued at their current market value (using the mean between the bid and asked price) until the 60th day prior to maturity, and are then valued at amortized cost based upon the value on such date unless the Board of Trustees determines during such 60 day period that amortized cost does not represent fair value. Short-term investments are stated at cost, which when combined with accrued interest approximates market value. B. Federal Income Taxes. It is the Fund's policy to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its taxable income to its shareholders. Therefore, no federal income tax provision SYM Select Growth Fund NOTES TO FINANCIAL STATEMENTS at June 30, 2003 (Unaudited) - (Continued) is required. At December 31, 2002, the Fund had capital loss carryovers of $3,443,516 and $8,314,514, which expire in 2009 and 2010, respectively, available to offset future gains if any. The Fund had net realized capital losses of $597,746 during the period November 1, 2002 through December 31, 2002, which are treated for federal income tax purposes as arising during the Fund's tax year ending December 31, 2003. The "post-October" losses may be utilized in future years to offset net realized gains prior to distributing such gains to shareholders. C. Securities Transactions, Dividend Income and Distributions. Securities transactions are accounted for on the trade date. Realized gains and losses on securities sold are determined on the basis of identified cost. Dividend income and distributions to shareholders are recorded on the ex-dividend date. The amount of dividends and distributions to shareholders from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations which differ from accounting principles generally accepted in the United States of America. To the extent these book/tax differences are permanent such amounts are reclassified within the capital accounts based on their federal tax treatment. D. Use of Estimates. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets during the reporting period. Actual results could differ from those estimates. E. Securities Sold Short. The Fund may engage in short sale transactions. For financial statement purposes, an amount equal to the short sale proceeds is included in the Statement of Assets and Liabilities as an asset and an equivalent liability. The amount of the liability is subsequently marked-to-market to reflect the current value of the short position. Subsequent fluctuations in the market prices of securities sold, but not yet purchased, may require the Fund to purchase the securities at prices that may differ from the market value reflected in the Statement of Assets and Liabilities. The Fund is liable for any dividends payable on securities while those securities are in a short position. As collateral for its short positions, the Fund is required under the 1940 Act to maintain segregated assets consisting of cash, cash equivalents or liquid securities. These segregated assets are required to be adjusted daily to reflect changes in the value of the securities sold short. SYM Select Growth Fund NOTES TO FINANCIAL STATEMENTS at June 30, 2003 (Unaudited) - (Continued) NOTE 3 - COMMITMENTS AND OTHER RELATED PARTY TRANSACTIONS SYM Financial Corporation (the "Advisor") provides the Fund with investment management services under an Investment Advisory Agreement (the "Agreement"). Under the Agreement, the Advisor furnishes all investment advice, office space, facilities, and most of the personnel needed by the Fund. As compensation for its services, the Advisor receives a monthly fee at the annual rate of 1.00% of the Fund's average daily net assets. For the six months ended June 30, 2003, the Fund incurred $144,351 in advisory fees. The Fund is responsible for its own operating expenses. The Advisor has contractually agreed to limit the Fund's total operating expenses by reducing all or a portion of its fees and reimbursing the Fund's expenses, for a one year period, so that its ratio of expenses to average net assets will not exceed 1.50%. Any such reductions made by the Advisor in its fees or payment of expenses which are the Fund's obligation are subject to reimbursement by the Fund to the Advisor, if so requested by the Advisor, in subsequent fiscal years if the aggregate amount actually paid by the Fund toward the operating expenses for such fiscal year (taking into account the reimbursement) does not exceed the applicable limitation on Fund expenses. For the six months ended June 30, 2003, the Advisor absorbed expenses of $18,857. The Fund must pay its current ordinary operating expenses before the Advisor is entitled to any reimbursement of fees and/or expenses. Cumulative expenses subject to recapture amount to $108,099 at June 30, 2003. Under the expense limitation provision of the Investment Advisory Agreement, reimbursements made by the Advisor in the Fund's first three years of operation remain eligible for reimbursement as follows: reimbursements incurred in the first and second years of the Fund's operation are eligible for reimbursement through the end of the Fund's sixth fiscal year; reimbursements made in the third year of operation are eligible for reimbursement through the end of the seventh fiscal year. Any such reimbursement is also contingent upon Board of Trustees review and approval prior to the time the reimbursement is initiated. Cumulative expenses subject to recapture expire as follows: Year Amount ------ --------- 2006 $89,242 2007 $18,857 U.S. Bancorp Fund Services, LLC (the "Administrator") acts as the Fund's administrator under an Administration Agreement. The Administrator prepares various federal and state regulatory filings, reports and returns; prepares reports and materials to be supplied to the trustees; monitors the activities of the Fund's custodian, transfer agent and accountant; coordinates the preparation and SYM Select Growth Fund NOTES TO FINANCIAL STATEMENTS at June 30, 2003 (Unaudited) - (Continued) payment of Fund expenses and reviews the Fund's expense accruals. For its services, the Administrator receives a monthly fee at the following annual rates: Under $15 million $30,000 $15 to $50 million 0.20% of average daily net assets $50 to $100 million 0.15% of average daily net assets $100 to $150 million 0.10% of average daily net assets Over $150 million 0.05% of average daily net assets For the six months ended June 30, 2003, the Fund incurred $28,870 in administration fees. U.S. Bancorp Fund Services, LLC provides fund accounting and transfer agency services for the Fund. Quasar Distributors, LLC (the "Distributor") acts as the Fund's principal underwriter in a continuous public offering of the Fund's shares. The Distributor is an affiliate of the Administrator. Certain officers and trustees of the Trust are also officers of the Administrator and the Distributor. NOTE 4 - PURCHASES AND SALES OF SECURITIES During the six months ended June 30, 2003, the aggregate purchases and sales of securities (excluding short-term investments and short sales of securities) were: Purchases Sales --------- ----- Long Transactions $41,431,143 $46,829,378 Short Sale Transactions $18,235,168 $17,079,168 NOTE 5 - INCOME TAXES Net investment income/(loss) and net realized gains/(losses) differ for financial statement and tax purposes due to differing treatments of wash sale losses deferred and losses realized subsequent to October 31 on the sale of securities. As of June 30, 2003, the components of net assets on a tax basis were as follows: Cost of investments . . . . . . . . . . . . . . . . . . . . $32,728,846 Gross tax unrealized appreciation . . . . . . . . . . . $ 2,217,694 Gross tax unrealized depreciation . . . . . . . . . . . (1,176,004) ---------------- Net tax unrealized appreciation . . . . . . . . . . . . . . $ 1,041,690 ================ The Fund had no distributable earnings for the six months ended June 30, 2003. Advisor SYM Financial 100 Capital Drive Warsaw, Indiana 46581 Distributor Quasar Distributors, LLC 615 East Michigan Street Milwaukee, Wisconsin 53202 Custodian U.S. Bank, N.A. 425 Walnut Street Cincinnati, Ohio 45202 Transfer Agent U.S. Bancorp Fund Services, LLC 615 East Michigan Street Milwaukee, Wisconsin 53202 1-866-205-0523 Independent Accountants Tait, Weller & Baker 1818 Market Street, Suite 2400 Philadelphia, Pennsylvania 19103-3638 Legal Counsel Paul, Hastings, Janofsky & Walker, LLP 55 Second Street, 24th Floor San Francisco, California 94105 This report is intended for the shareholders of the Fund and may not be used as sales literature unless preceded or accompanied by a current prospectus. Past performance results shown in this report should not be considered a representation of future performance. Share price and returns will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Statements and other information herein are dated and are subject to change. Item 2. Code of Ethics. Not applicable to semi-annual reports. Item 3. Audit Committee Financial Expert. Not applicable to semi-annual reports. Item 4. Principal Accountant Fees and Services. Not required for semi-annual reports. Item 5. Audit Committee of Listed Registrants. Not applicable to open-end investment companies. Item 6. [Reserved] Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. Not applicable to open-end investment companies. Item 8. [Reserved] Item 9. Controls and Procedures. (a) Based on their evaluation of the Registrant's Disclosure Controls and Procedures as of a date within 90 days of the Filing Date, the Registrant's President and Treasurer/CFO have determined that the Disclosure Controls and Procedures (as defined in Rule 30a-2(c) under the Act) are designed to ensure that information required to be disclosed by the Registrant is recorded, processed, summarized and reported by the filing Date, and that information required to be disclosed in the report is communicated to the Registrant's management, as appropriate, to allow timely decisions regarding required disclosure. (b) There were no significant changes in the Registrant's internal controls or in other factors that could significantly affect these controls subsequent to the date of their evaluation, and there were no corrective actions with regard to significant deficiencies and material weaknesses. Item 10. Exhibits. (a) Any code of ethics or amendment thereto. Not applicable to semi-annual reports. (b) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. Filed herewith. (c) Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Furnished herewith. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. (Registrant) Advisors Series Trust By (Signature and Title)/s/ Eric M. Banhazl ----------------------------------- Eric M. Banhazl, President Date September 4, 2003 ------------------ Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. By (Signature and Title) /s/ Eric M. Banhazl ----------------------------------- Eric M. Banhazl, President Date September 4, 2003 ----------------- By (Signature and Title) /s/ Douglas G. Hess -------------------------------------- Douglas G. Hess, Treasurer Date September 4, 2003 -----------------